New York, US, Feb. 14, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Remote Monitoring and Control Market Research Report: By Component, and End-users - Forecast Till 2030, the market is expected to reach a valuation of approx. USD 6.7 Billion by 2030, posting a 20.20% CAGR throughout the review period (2022-2030).
Remote Monitoring and Control Market Insights
Growing remote monitoring and control systems implementations in diverse and challenging industrial environments define the growing market landscape. Besides, the rising demand for equipment compliant with reliable operation in manufacturing industries offers significant market opportunities. With the emergence of wireless technology, rapid remote monitoring and control solutions implementations are expected to be seen.
Additionally, the continually rising demand for automated industrial processes and reliability improvement programs by governments worldwide boosts the market size. Rapid deployments of smart technologies like reliable IoT connectivity are especially important for monitoring in remote areas. Also, lower-cost implementations of remote monitoring and control solutions mobilize the market.
Even in locations such as factories/power plants, IoT connectivity offers Wi-Fi coverage, establishing connectivity and staying connected to those networks. The ability to help customers deliver real-time expert technical assistance from any global location is important for industries. Another major advantage of remote monitoring and control systems is maintaining minimal upfront hardware costs while offering robust systems that are easy to install and operate.
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Conversely, compatibility issues and the lack of awareness of the advantages of remote monitoring and control systems are some of the key factors impeding market growth, slowing down the adoption of these systems, especially in small-scale enterprises. Besides, continuous innovation in manufacturing processes and technical expertise pose challenges to the growth of the Remote Monitoring and Control Market.
Remote Monitoring and Control Market Key Players
Players active in the Remote Monitoring and Control Market are
- Honeywell International Inc. (US)
- Emerson Electric Co. (US)
- Rockwell Automation, Inc. (US)
- Schneider Electric SE (France)
- ABB Ltd. (Switzerland)
- Yokogawa Electric Corporation (Japan)
- General Electric Co. (US)
- Fuji Electric Co., Ltd. (Japan)
- Endress+Hauser AG (Switzerland)
Browse In-depth Market Research Report (100 Pages) on Remote Monitoring & Control Market:
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 6.7 Billion |
| Growth Rate | CAGR of 20.20% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | It helps to improve employee health and wellness |
| Key Market Drivers | Increasing Industrial Automation |
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Remote Monitoring and Control Market - Segments
The remote monitoring and control market analysis is segmented into components, end-users, and regions. The component segment is sub-segmented into solutions and instruments. The end-user segment is sub-segmented into pulp & paper, oil & gas, food & beverage, power, water & wastewater, and others. By region, the analysis is segmented into the Asia-Pacific, Americas, Europe, and the rest of the world.
Remote Monitoring & Control Market - Regional Analysis
The Asia Pacific region dominates the global remote monitoring and control market. The market is witnessing continuous growth and is expected to continue doing so throughout the assessment period. Besides, technological advancement and integration with the current manufacturing environment positively impact regional market growth. Also, the increasing application areas yearly, the strong presence of manufacturing companies, and the developing economy of Asian countries play a major role in developing the market.
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Remote Monitoring & Control Market - Competitive Analysis
The remote monitoring and control market is experiencing implementations of several strategies, such as collaboration, expansion, product launches, and mergers & acquisitions. Major industry players make large strategic investments in research and development activities and foster their expansion plans.
Industry/ Innovation/ Related News
Dec.29, 2022 --- Memfault, a leading provider of IoT-based reliability platforms, announced the addition of Embedded Linux to its IoT platform to give developers superior flexibility and control over connected product development and device operations. This expansion can help address operational challenges via fleet observability, remote debugging, and smart firmware OTA management.
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